Western Washington pending home sales up nearly 21% from a year ago
New figures from the NW Multiple Listing Service show a surge in sales activity in Western Washington. Pending August home sales (offers accepted but not closed yet) rose almost 21 percent above 2008’s figures, while inventory dropped more than 18 percent.
While summer is usually the busiest time of the year for real estate, August is typically a slow-down month, but that slowing never happened for Pacific Northwest real estate this year as consumers began to regain confidence in the economy.
According to NWMLS director Kathy Estey, Puget Sound real estate agents are quite busy with both first-time and move-up buyers and are reporting multiple offers on homes priced up to $700,000.
Puget Sound-area market expected to continue high activity due to tax-credit deadline
Due in part to many first-time buyers wanting to take advantage of the $8,000 tax credit, September and October are also expected to be brisk in the Pacific Northwest housing market. With the first-time buyer tax credit scheduled to end November 30th, I advise new home buyers to get the ball rolling as soon as possible! Buyers must be in possession of their new home by November 30th to qualify, and with banks and appraisers spending more time cautiously examining potential sales, delays are to be expected.
If you’re considering a first-time home purchase in Western Washington and want more information about the tax credit or available homes in your area, call (360) 319-4939 (or toll-free: (888) 319-4939) to speak with me, or request one of my free Pacific Northwest home-buying guides. I’m happy to help!